Labubu Meme Coin Shows Brands Merging With Blockchain, But Will The Token Catch On?

From New York to Paris, the hottest fashion accessory to hit the market is currently an “elvish creature” with large eyes and a rather mischievous look.

Known as a “Labubu,” the toy sold by Chinese company Pop Mart can be seen dangling from impossibly expensive Hermès and Miu Miu purses. Labubus are not just toys; they have come to represent socialites and fashionistas, and toy collectors alike are considered lucky to have their hands on a Labubu.

What Is a Labubu?

For context, Labubu is classified as a girl and is part of a larger group called “The Monsters,” created by Hong Kong artist and author Kasing Lung. The Monsters debuted in a Nordic mythology-inspired picture book trilogy in 2015. In 2019, Pop Mart turned these creatures into viral vinyl collectibles.

While Labubus were not widely sought after at first, the characters gained popularity when Thai rapper Lisa from BLACKPINK professed her love for the creature in interviews and on her social media earlier this year.

Labubu Meme Coin Launch

Given the success of Labubu, a Labubu meme coin ($LABUBU) was launched on Solana in October 2024, around the same time the viral toy started gaining traction.

A Binance blog post notes that the value of $LABUBU has recently skyrocketed by 40 times in the past two weeks. The post also mentions that the Labubu project has raised over $42 million.

Brands and Blockchain Merge Successfully

The Binance blog post further states that $LABUBU “may not only be a meme coin but also a prime example of how brands and blockchain can merge successfully.”

Indeed, it appears that $LABUBU may be following in the footsteps of Pudgy Penguins (PENGU). Pudgy Penguins began as a blockchain-based collection of non-fungible tokens (NFTs). The Pudgy Penguin NFTs were so successful that Walmart launched a “Pudgy Toys” collection in 2,000 stores across the United States in 2023.

Rena Shah, COO of Trust Machines—a community of dedicated Bitcoin builders—told Cryptonews that Labubus and Pudgy Penguins are not just accessories, but have come to represent “IP flexes.”

“And nowhere is IP culture more dynamic right now than in Web3,” Shah said.

Shah added that Pudgy Penguins successfully broke out of the JPEG silo with toys on Walmart shelves and a licensing model that finally made NFTs feel mainstream.

“They made IP tangible—and in doing so, they proved the internet is ready to own characters, not just consume them,” she stated.

Will $LABUBU Resonate With The Crypto Community?

It remains questionable whether or not the Labubu meme coin will be as successful as Pudgy Penguin NFTs were.

According to DEX Screener, the Labubu meme coin has shot from a market cap of $814,710 to $49.16 million over seven months after the token first launched. At the time of writing, the token has since retraced to $22.7 million.

Taylan McRae-Yu, growth marketing manager at Web3 infrastructure provider Avail, told Cryptonews that he believes the phenomenon of Labubus is definitely a narrative that will resonate with the wider Web3 community.

“It’s culturally relevant, taps into a growing fandom, and mirrors the kind of organic, collectible-driven hype we saw in the early days of NFTs,” McRae-Yu said.

However, he stated that it’s unlikely that the Labubu meme coin will see anywhere near the success of the toy.

“ABC News recently reported that the estimated market cap of Labubu toys is $34 billion, while the token sits at just around a $23 million market cap, despite being launched over eight months ago.”

Challenges With Meme Coins like $LABUBU

McRae-Yu added that the majority of “fan tokens” are often short-lived and launched by unaffiliated parties trying to capitalize on a trend.

“We’ve seen this countless times before with tokens like PEPE, Moodeng, PNUT, Chill Guy, and others—very few have had real staying power,” he said.

McRae-Yu further pointed out that DEX Screener shows that over 29 different Labubu meme coins have been launched to date.

“I think this highlights how many people are eager to capitalize on viral trends by launching fan tokens. This trend will likely continue as launching tokens becomes increasingly easier and more accessible. Buyers beware,” he said.

A Binance spokesperson also told Cryptonews that while memecoins have become a powerful cultural and financial phenomenon in the crypto space, building a truly resilient memecoin community comes with major challenges.

For instance, they pointed out that most meme coin projects struggle with longevity. “The majority of memecoins launched in recent years have already faded into obscurity.”

In addition, market manipulation has become a serious concern, especially with meme coins.

“Tactics like disguised holdings, multisend distributions, and wash trading can create the illusion of liquidity, while masking concentrated control and exposing users to risk,” the spokesperson said.

Binance’s spokesperson ultimately believes that the most successful memecoins will be those that combine viral narrative appeal with genuine transparency and sustainable community engagement.

“Binance believes that fostering safer, more informed markets is essential to the long-term credibility of the space—and we’re committed to supporting that through advanced research, platform safeguards, and user education.”

Why $LABUBU May Show Signs of Continued Success

Challenges aside, the Labubu meme coin fits the criteria for being a noteworthy project.

According to Binance’s spokesperson, several factors contribute to the success of a memecoin that extend beyond just humor or hype.

“First, fairness and transparency are critical. Memecoins that launch without private seed rounds or VC allocations tend to attract more trust and grassroots support, as they offer equal access to all participants from day one,” the spokesperson said.

Sources note that $LABUBU is a community-driven meme coin.

“Second, accessibility and simplicity play a big role. Unlike complex DeFi protocols or infrastructure tokens, memecoins typically have straightforward, meme-driven narratives that are easy for anyone to grasp—even those new to crypto. This helps their stories spread rapidly through online communities and social media,” the spokesperson said.

The Labubu meme coin will likely resonate with newcomers, given the success of the toy. Binance’s spokesperson also mentioned that the most sought-after memecoins tap into cultural and emotional resonance, which appears to be the case with Labubu toys.

But while $LABUBU appears to meet these requirements, Shah commented that Labubu and other meme coins should consider migrating to the Bitcoin blockchain to see real traction.

“If Pudgy Penguins really stand for permanence, culture, and value, then why are they still stuck on chains other than Bitcoin?” she said.

Shah further pointed out that Ordinals aren’t just NFTs on the Bitcoin blockchain, but rather “digital artifacts inscribed directly into the most secure, most finite blockspace in the world.”

“If there were ever a place to enshrine culturally significant IP, this is it. So if Labubu is dangling from Hermès, and Penguins are waddling through Walmart, the next flex is permanence. Not just going viral, but going eternal,” Shah stated.

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